Repaying Reverse Mortgage After Death: Here are 6 Steps We Recommend

August 24, 2021 By Michael Branson 54 comments

If you are the heir to a borrower who has a reverse mortgage who has passed, here are the steps we recommend you follow:

Time to Payoff Reverse Mortgage

Generally you will have up to 6 months to refinance the reverse mortgage into a loan of your own, or up to 12 months to sell. (Each 3 months requires an extension by the loan servicer.)

Step 1.

Locate the last reverse mortgage statement. We have guidance here for how you can read the statement, so you know what you are dealing with.

Step 2.

Contact an elder real estate specialist in your area. You may not even want to sell the home for sure, but it is best to know how much the home would most likely bring in a sale.

This type of specialist can also help you with estate sale information if you need it.

Step 3. (Can be working on at the same time as one and two)

Perfect your title to the property. The home may need to go through probate to sell or transfer title to you, to a relative, or to a third party.

Contact an estate attorney to determine the best and fastest way to accomplish this (if the borrower had an attorney that would be a great place to start).

The attorney can advise you of any potential delays or liabilities for transferring title, but you can’t transfer title to anyone else in a sale or otherwise if it is still in the original owner’s name.

Step 4.

Decide if you want to keep the home, give it to a family member, sell it or walk away and let the lender take it back.

If you decide you want to keep the home, you will need to pay off the balance of the mortgage or 95% of the current market value if the balance is more than the home is worth.

If you decide to sell the home or give it to another family member, having the elder real estate agent ready to go and title in your name will get you going in the right direction.

Step 5.

Talk to your reverse mortgage lender. Once you have all your decisions made and are ready to act, if the lender has not contacted you already, you are ready to contact the lender to tell them your plans.

The lender will probably have found out about the passing already.

They may have contacted you to let you know the loan is due and payable, but they may not have your information.

If you know what you want to do and can contact them with your plans in place before they even notify you (their contact info will be on the statement), then your plans will not be delayed by them not being ready to act when you are ready to sell or refinance the loan.

They have things they must do on their end including appraisals, contacting HUD, etc. and if you are ready to proceed, you can eliminate unnecessary delays.

Step 6.

If all plans point to the fact that the property is not worth enough to sell and you do not want to keep it, get ready to walk away.

Be sure to have all your loved one’s belongings removed from the property that you wish to keep.

Then the senior real estate professional you consulted in the beginning can probably connect you with an estate sale professional in the home.

These individuals will conduct a sale of all the personal items you did not remove and then donate all remaining items at the end of the sale.

Many times, this can help pay some final expenses as well as provide some tax benefits with donations.

Be sure to talk to your tax specialist to determine what receipts, etc. you will need to file the final tax returns.

Top 5 FAQs

Do you have to repay a reverse mortgage?

Yes, a reverse mortgage is a loan just like any other loan that does require repayment.

The great thing about reverse mortgages though is that you get to choose when and how you repay the loan.

There is no payment required on the loan for as long as at least one of the original borrowers (or an eligible non-borrowing spouse) on the loan continues to live in the home and pay the taxes, insurance, and any other property charges (i.e., HOA dues) on time.

The loan becomes due and payable after the last borrower or eligible spouse leaves the home, but you can choose to make payments before that time with no prepayment penalty if you desire (but it is not required).

Can you pay back a reverse mortgage early?

Yes, you can. Reverse mortgage loans do not have any prepayment penalties.

You can make payments in full or partial payments if you choose to do so.

What happens if you don’t pay back a reverse mortgage?

A reverse mortgage loan is only due and payable when there are no original borrowers or eligible spouses living in the home or if you fail to pay your property charges in a timely manner.

If the balance is not paid off through either a sale, refinance, or other acceptable funds the loan would go into foreclosure just like any other loan, but the loan is a non-recourse loan which means that the only security the lender has is the property.

Can heirs walk away from reverse mortgage?

The heir(s) to a home with a reverse mortgage loan can in fact walk away from a property if that is their wish.

A reverse mortgage loan is a “non-recourse” loan, and you can never owe more than the value of the home.

If an heir inherits a home where the accrued balance was to be higher than the current home value, they can sign the property over to the lender servicing the loan without any further obligation to the lender.

What happens if you inherit a house with a reverse mortgage?

The first step for any heir would be to try to ensure that they have the right to speak with the lender.

Most lenders cannot speak with a third party about a loan unless that individual has authorization from their borrower in advance or they are the new title holder.

Therefore, if you know in advance that you are to inherit a property with any loan on it, you should speak with the owner and verify that there is a trust naming you as the successor beneficiary, that they add you to title in advance or that they at least write a letter to their lender authorizing you to speak with them and them to you on all matter relating to the loan.

Next, take immediate steps to determine what you wish to do with the property.

Remember, you cannot sell the home or refinance it until you own it and that may require a probate.

The reverse mortgage will be due and payable, and the lender will be looking to see that you are taking positive steps toward retiring the loan (paying off the loan with your funds or a new loan in your name or selling the property and paying it off with the sale proceeds).

And if the loan balance is higher than the current value, you also have the option to pay the loan off at 95% of the current market value or the amount owed, whichever is less but you need to be sure you can obtain a new loan for 95% of the value if you do not have the funds readily available.

If you do not wish to keep or sell the home, you may contact the lender and let them take the property and owe the lender nothing.

To Deed the home to the lender, you would need to have title to the home.

Otherwise, the lender can begin a foreclosure action (which does not affect you or your credit at all).

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About the Author, Michael G. Branson | Mike@allreverse.com

Michael G. Branson CEO, All Reverse Mortgage, Inc. and moderator of ARLO™ has 40 years of experience in the mortgage banking industry. He has devoted the past 17 years to reverse mortgages exclusively.

54 Comments on this Article

Maile M.
November 17th, 2021

Hello Arlo,

My grandmother passed away 3 years ago and the home foreclosed and now my aunt received paperwork that the home is going to be sold through an auction. What are the steps in perhaps purchasing the home? Thank you in advance.
Reply to Maile
- ARLO™
  November 17th, 2021
  
  Hello Maile,
  
  If the home is just now going to sale, it is still owned by your grandmother's estate. As the heir you may still have time to redeem the home and prevent the foreclosure by paying the amounts owed if you have the funds to do so.
  The loan is due and payable and you can pay the amount owed or 95% of the current market value, whichever is less as her heir but if you are not her heir, you would need the cooperation of whoever her legal heir is to complete the transfer to you.
  If you want to purchase the home at the foreclosure sale, there will be a Trustee's Sale that will be advertised in the paper along with any other foreclosure sales on a given date. The bidding will begin by the lender at the amount owed on the loan plus any expenses. The bidding is open to anyone who shows up and you should check to see what the rules are for bidding at foreclosure auctions in your state/area.
  It is not uncommon that the property must be paid in full (cash, cashier's checks or money orders) at the conclusion of the auction with some states allowing for other arrangements such as a percentage paid down with the full payment required within certain timeframes after the end of the auction.
  Reply to ARLO
Randy M.
June 29th, 2021

My parents had a reverse mortgage on their home, and both have past January 2021 we do not want the home and have removed all personal items as per the banks request (loan holder) today I received a letter in the mail to appear in probate court? For what I have no ties to her estate and have told the lean holder as much why am I and my siblings being sent these letters? Do I have to attend? I am worried sick over this so any help would be greatly appreciated thank you!
Reply to Randy
- ARLO™
  June 29th, 2021
  
  Hello Randy,
  If you do nothing, the lender will foreclose and take the property. That would resolve any issues with the home and the reverse mortgage because the reverse mortgage is a non-recourse loan which means the only security the lender has is the property.
  However, I could not begin to advise you regarding a probate court notice or its implications. That is a legal matter, and I would suggest that you contact an estate attorney to determine what must be done and what possible liability you may have (or if there is none and it is simply a formality) if you do not attend the probate summons.
  I do not have that information and am prohibited by licensing law from giving legal advice even if I thought I knew the right answer.
  Reply to ARLO
Tina
April 23rd, 2021

Hi, my mother passed away and had a reverse mortgage on her house. No one has the information on who the lender is. The original lender was contacted but they sold the loan but don't have a record of who they sold it to. Is there a way I can get the correct information?
Reply to Tina
- ARLO™
  April 27th, 2021
  
  Hello Tina,
  
  There are a couple of things you can do. Firstly, mom should have been receiving a monthly statement and you can check those statements for the servicer name and contact information. If you cannot locate her statements, a new one should be coming at the beginning of the next month.
  If you are not in the area and do not have access to her mail, you should try going on to the public records and pull a copy of the recorded Deed of Trust or Mortgage (depending on the state in which the property is located and which instrument they use) and on that document, the HUD Case Number will be printed.
  It is a 13-digit number that starts with three numbers, followed by a dash then 7 numbers followed by another dash then 3 more numbers. With this number HUD can locate this loan in their system and which lender is servicing the loan (and it might be HUD's servicer, NOVAD).
  
  You could contact the HUD Home Ownership Center that services the property area (found here https://www.hud.gov/program_offices/housing/sfh/sfhhocs) and request their assistance. You would need to show them that your mom has passed and that you have the right to act on her or the estate's behalf as they cannot give information to just anyone who contacts them.
  I honestly am not really sure how helpful they will be, but I do not know what else you can do other than wait for the lender to start sending notices and if you are ready to act now, that would be a waste of time if there are other means available to you.
  Reply to ARLO
Dee
April 13th, 2021

Hello ARLO,

My grandmother passed in December 2020 and she had a reverse mortgage. The amount to pay back is too much for us to get a loan. I received a 60 day notice to vacate, but during the pandemic it has been difficult to find a place to rent. Do I have any resources so i don't get an eviction on my credit if I can't find a place to move into within the 60 day period? Why am i not able to be out by the 6 month mark and not 60 days?
Reply to Dee
- ARLO™
  April 13th, 2021
  
  Hello Dee,
  
  The loan became sue and payable in December when the borrower no longer lived in the property. It is coming up on 4 months now and will be 6 months by the end of the 60-day notice.
  I honestly do not know what the status of the foreclosure on the home is, but you can always check the progress and check with an attorney to determine what legal steps the lender must take to remove you from the home if you hold over the time, they have given you.
  I cannot tell you if you are in a state that allows you to remain for a longer period if you do not vacate within the notice period or if the Sheriff or other law enforcement can show up and physically remove you immediately or not.
  An attorney can give you that information though and there may also be something you can file at this time that would prolong the timeframe due to Covid, but I cannot advise you in this area.
  Another thing you may want to ask the attorney about though would be the credit issue. I don't see how that could possibly affect your credit because you are not being evicted by a landlord and the lender cannot report to a credit bureau any negative credit item about you.
  You did not sign any binding agreements with the lender and there is no failed credit agreement to report. I suppose if you did something that would create a legal item and a judgement is filed against you because of your actions for which a court finds you liable, that could be reflected on your credit.
  But I would ask the attorney if just being evicted from a family members home on which you were not on the legal title at the time the home went through foreclosure in any way affects your credit.
  Reply to ARLO
Bill R.
February 18th, 2021

Hello ARLO,

I have had a Reverse Mortgage in Colorado for 10 years and am 72 and healthy. My home was recently appraised at $860,000 and the balance on my RM is $440,000. I have filed a beneficiary deed naming my two brothers as owners if I die.

If I die suddenly from an accident, I want to make sure my brothers have enough time to market and sell my home and obtain the difference between the selling price and the RM loan payoff, and to prevent the RM company from foreclosing and taking that amount for themselves.

What are the steps my brothers should take if I die suddenly?
Reply to Bill
- ARLO™
  February 18th, 2021
  
  Hello Bill,
  
  Your brothers should have ample time to sell the home but there are a few things you can do now to be sure they have all the information they need to move quickly. Firstly, write a letter to your lender or servicer now authorizing them to speak to your brothers on your behalf on all matters relating to your loan.
  Many times, things get bogged down while a lender is trying to ascertain that an heir does have the right to work with the lender on behalf of the borrower. If you do that now, there will be no delay in the communication since they will already have received permission to speak with your brothers about the loan.
  
  Next, make sure that your brothers know that they are under time constraints. When they contact the lender, they can let the lender know that they will sell the home and tell them their plans and the lender will even give them time to do it â if they believe that the heirs are moving toward a sale of the property.
  The way it typically works is that lenders give heirs 3 month's with extensions as needed to sell the home and pay the loan off. The HUD policy states that lenders can do so up to a year I believe without obtaining HUD approval as long as they see that the heirs are working on the sale.
  That might mean they get copies of the listing and are satisfied that the listing price is reasonable for the neighborhood and the property. Then as long as the sale proceeds, they are fine with waiting for the payoff.
  However, the asking price is unreasonable, the property is not listed, or it appears that the heirs are not actively marketing the home, sooner or later the lender will initiate foreclosure proceedings because it will take anywhere from 5 â 6 months from the time a foreclosure begins until the end.
  If a lender waits for 12 months with no sales attempts then begins foreclosure, they can be 18 months or more out before a foreclosure can be accomplished and with some homes that can just result in a much larger loss. In your case, there is plenty of equity in the home and no reason your brothers cannot sell the property in 12 months or less.
  Reply to ARLO
Robin R.
February 9th, 2021

I am one of 3 sibling heroes to my mom's home which has a reverse mortgage of $110,000. Two siblings would like to purchase the home and I do not. How would they go about purchasing the home and buying out my portion? The home is valued at $175,000.
Reply to Robin
- ARLO™
  February 9th, 2021
  
  Hello Robin,
  
  Your mom's estate or the heirs (depending on if title has changed from mom to the heirs yet) owns the home. You should check with an estate attorney to determine if the property will need to go through probation and see what provisions mom made for transfer of ownership upon her passing (did she have a trust, a will, etc.).
  Once the property is fully in the name of the heirs (you and your siblings) the reverse mortgage will need to be repaid as it is now due and payable. This means that the 3 of you will need to discuss and determine the terms of the sale of the property interests.
  Using just your numbers (and I am sure there will be costs and this will need to be updated but this is good for now), there is approximately $65,000 equity in the home.
  If you were all to sell the home, you would have selling costs of approximately $8,750 - $14,000 (unless you did a for sale by owner) so you might want to think about using something like $60,000 as the number to split 3 ways for the equity position to account for costs.
  In that way, your siblings get a little break for their financing and you don't have to pay a portion of any sales costs but that's just a suggestion â not advice. You all need to do what is right for the 3 of you.
  
  One third of $60,000 is $20,000 and that would be what they would need to pay you to buy out your interest in the home. This could be done at the time they refinanced the home, with cash they had available to them, with a loan from you to them or literally any way the three of you agreed upon.
  The only way you will know for sure what the actual 1/3rd distributions of the equity total are to see what the appraisal from the lender comes in at on the home and the total costs to pay off the existing loan.
  And I know you are all family but if there is any possibility of disagreement of amounts or terms, you may wish to have an attorney or other third-party act as an arbitrator in the transaction so that it does not become a wedge between you and your siblings.
  If they are using a loan, they can use the same title/escrow to pay you and record all the necessary Deeds for transfer of ownership to the two of them.
  Reply to ARLO
Gerald
September 1st, 2020

Can heirs pay half of their parents reverse mortgage loan when they pass or could they work something out with the lender to make monthly payments on the loan?
Reply to Gerald
- ARLO™
  September 1st, 2020
  
  Hello Gerald,
  
  Unfortunately, that is not possible. However, if you were considering paying the loan down by half anyway, you can use the same funds to pay into a regular refinance on the property.
  HUD allows heirs to pay off the loan at the current balance or 95% of the current value of the home, whichever is less, so either way your new refinance loan would be around 50% loan to value or less if you were able to pay this much into the transaction.
  This should make obtaining new financing available.
  Reply to ARLO
  - Lisa C.
    December 11th, 2020
    
    How I can keep my mother's reverse mortgage when I can't get housing financing?
    Reply to Lisa
    - ARLO™
      December 15th, 2020
      
      Hello Lisa,
      The reverse mortgage is not assumable. It is not and never was intended to be a multi-generational loan. When the last borrower on the original loan leaves the home, the loan becomes due and payable.
      Heirs need to know that once the borrowers no longer live in the house, the heirs will need to have the ability to pay the loan off with funds available to them, refinance the loan with a new loan if they wish to keep the house or they would need to sell the home and pay off the loan with the sale proceeds.
      If you are old enough, you might even be able to qualify for a reverse mortgage of your own. Or heirs can choose to let the lender take the property back and owe nothing no matter what the balance on the loan is.
      Since it sounds like you want to remain in the home and you are saying you cannot get financing, I would suggest you look at the reasons the financing is not available and see if there is some way to remedy that.
      If it is failure to qualify for a new loan, do you have family who can be of help or may even wish to go in with you on the home?
      Can you rent rooms to help you qualify for the new loan? I obviously cannot cover all issues or possibilities here, but perhaps if another reverse mortgage is out of the question you could speak with a loan officer for a forward or traditional lender to determine what options may be available and then you can see if those might work for you?
      The one thing you need to keep in mind is that your time to act is not limitless and so you do not want to wait long before you determine your options.
      If you do need to sell the home, that may take a little time, so you don't want to wait until the last minute.
      Reply to ARLO
Kathryn N.
August 14th, 2020

My husband inherited his parents' home when they died and have a reverse mortgage. We in here to get through a trust and the trust the problem is we offered the phone company that has to know to make payments they refused they wanted a full payment or we don't have that kind of money. I am waiting for the trust to go through probate so that leaves you hanging, and they are already trying to foreclose. I do not know what we can do, we do not want to lose the home as it has been in the family for 40 years. Where do we go from here what are rights do we have?
Reply to Kathryn
- ARLO™
  August 14th, 2020
  
  Hello Kathryn,
  
  The loan is now due and payable since there are no original borrowers still living in the property. There are agreed upon rights for the borrower and their heirs in the loan documents.
  You have the right to pay the loan off and keep the home, sell the home, or let the lender take the property back and owe nothing. The reverse mortgage does not grant the right to heirs to make payments on the existing loan though.
  You do have options, but the time is not unlimited to act. You can sell the property and pay off the loan that way. You can choose to keep the home, but then you would need to refinance the loan with a new loan in yours and your husband's name if you do not have the cash available to repay the loan with your own cash.
  You cannot assume the existing reverse mortgage or just make payments on it, there are no payments on that loan, and it is not assumable. If you wish to keep the home and stay there, it sounds like you need to decide for a new loan as quickly as possible.
  
  If you are not sure how to handle the trust and any possible probate issues, I would suggest that you contact an estate attorney immediately. Perhaps you could use the same attorney your in-laws used to create the trust if you do not have an attorney of your own.
  The lender just wants to know that you are working toward the repayment of the loan and may be willing to give you a little extra time once you can show them that you have a loan started and the title is in the process of changing.
  Also, as soon as you are working on the title issues, you can simultaneously be working with a lender to place your new financing. If you do not believe your income or credit will make you eligible for financing at this time, you need to see if there are any other options within the family for the financing or consider placing the home on the market for sale.
  The last thing you want to do is wait until the home goes through foreclosure because at that time all your options are gone.
  Reply to ARLO
Adriana G.
July 3rd, 2020

First, let me thank you for including the
"Ask Arlo" section. It made understanding the concepts explained much easier. I too am in a touchy situation so your explanations were very helpful. I particularly like that you stress the importance of having a clear title. Your articles were much more than helpful.
Reply to Adriana
- ARLO™
  July 7th, 2020
  
  Hello Adriana,
  
  Glad to help!
  Reply to ARLO
Lorene W.
June 29th, 2020

As a family, can we buy a life insurance policy to pay off a reverse mortgage?
Reply to Lorene
- ARLO™
  June 29th, 2020
  
  Hello Lorene,
  
  I cannot advise you on the rules about insurance purchases and since you left out a word in your question I can only assume you are asking if you can purchase the policy on another individual (i.e. mom or dad?).
  That would be a question for an insurance agent as I do not know the laws regarding who can and cannot buy insurance on other individuals.
  However, I can tell you that I have had a borrower in the past who told me that he had worked out a plan with his insurance agent for exactly that type of situation.
  Keep in mind though that this was the borrower buying the insurance and not a third party though. I would refer you to your insurance agent and it might also take the participation of the insured, but it is best to research while everyone is healthy!
  Reply to ARLO
Valerie S.
May 18th, 2020

My uncle died and left me his home, but it was under reverse mortgage and he owes them an x amount of $ to pay what he owes. It is now in collection; would I be able to purchase the house or finance it through a bank or lending institution. If so, what are some of the places I could go to. Also is it possible to purchase it at the appraised value now? Versus the amount my uncle owes them. Also, can we finance through the HECM directly? Also how long do we have under reverse mortgage to decide what to do about the house after the death of its owner?
Reply to Valerie
- ARLO™
  May 18th, 2020
  
  Hello Valerie,
  
  The first thing you need to do is be sure you have the title cleared in your name. Once you have this completed, let the lender know that you wish to exercise your option to pay off the loan at the lesser of the amount owed or the current balance.
  The lender will obtain an appraisal and will send you a demand for the balance based on that value or the amount owed. You can finance that through any lender, you just need to check with the lender's you have locally based on your qualifications -you could use HUD-insured financing but HUD is not a lender, so you need to work with a lender. If you are serious about getting your financing, the reverse mortgage lender will work with you to give you time to complete your financing, but the clock is ticking so do not delay.
  Reply to ARLO
Debbi
May 17th, 2020

A good friend just died with a reverse mortgage and I understand all the info as far as the heir being the one to handle the situation. However, he's not, in the least, able to take on the loan repayment, sell the home, or even make the decision on which way to go because he doesn't have a clue that there is even a reverse mortgage to begin with. I took care of my friend all the way up to her last day on earth. Even though we discussed leaving a will, we ran out of time. She wanted to leave it to me. She knew her son would not be able to pay off the balance. She left 5 cats in the home also. I have been taking care of them till homes are found.

My question is, if her son just walks away from this, is there a way I can get a hold of the lender and work on a deal to where I could take the house, paying the balance on it. Or would I have to go with the asking price? In other words, do close friends count as far as being able to get in on the payment due plan or are we just out of luck on holding on to something special between friends?
Reply to Debbi
- ARLO™
  May 18th, 2020
  
  Hello Debbi,
  The only thing the lender can do is follow the law. If the son is not willing to do anything at all, you could approach the probate court and if you have anything that would allow them to grant ownership to you then the lender would follow the legal change of ownership.
  Otherwise, if the son does not do anything to sell the home or repay the loan, the lender would foreclose and sell the home on the market. Perhaps you could work out some arrangement with the son if you do not believe you have any documents or anything that would hold up in court?
  Reply to ARLO
Julie C.
March 9th, 2020

My mom has a reverse mortgage. My sister, brother-in-law and two kids moved in with my mom. My sister recently died from cancer. Brother-in-law and kids are staying in the house with my mom. They have brought a huge number of belongings that I know they will not take when my mom dies, and they must move out. I do NOT want anything to do with selling the house, but my mom says she has willed everything to me (only child now). If I don't do anything with the house (leave it full of everybody's belongings), will I be held responsible legally or financially? I don't want any money from the house - I just don't want to empty it, clean it, or sell it. I want to make sure I won't owe any money or that my credit rating will not be hurt? Thank you so much!
Reply to Julie
- ARLO™
  March 9th, 2020
  
  Hi Julie,
  
  Let me start out by saying that you are not liable for the loan and you do not have to worry about it. But let me offer a little bit of advice if I may.
  Before you automatically wash your hands of the whole thing, I would advise you to contact a senior specialist real estate professional and determine the value of the home.
  Compare that to the most recent statement your mom has from the reverse mortgage (she should be keeping them someplace where you can easily get to them in the event she passes).
  If there is equity in the home, that is the real estate agent is convinced that the sale price is sufficiently higher than the amount owed, I would recommend that you let them market the home for you.
  
  Most senior specialist agents know companies that will come in and organize all the things left behind by your mom and your sister that you don't want and will conduct an estate sale.
  Part of the deal with these people is that everything that doesn't sell, they donate or throw away and they leave the home completely empty when they are done -you don't have to clean it out.
  The estate sale companies will make sure that between mom's stuff and your sister's they believe there is enough merchandise to sell to split the proceeds with you before they even start.
  Then the real estate agent can sell the home and your mom's estate (you) would receive any money from the sale of the property and you don't have to clean it out or sell the home. It is certainly worth the little time you must look on the internet for a senior real estate specialist and the money may come in handy with any other expenses.
  
  In the meantime, have mom write an authorization to her lender to allow you to speak to them and them to you on all matters relating to the loan. This way, when the time comes, you will be able to communicate with them on the loan whereas they cannot talk to any third parties without a court order or authorization from the borrower.
  The house will probably need to go through probate if it is not in a trust (and may need to anyway) but if you are named the successor trustee and beneficiary, you would be able to start all the steps discussed above to sell the home with very little participation on your part.
  
  And you can always let the lender take the house through a foreclosure action. Your mom signed the loan documents, you did not. Therefore, there could never be any legal action against you or any negative reporting to your credit as a result of the reverse mortgage.
  The lender has only the home for security on the loan and if you make no attempts to sell the home or repay the obligation, they will foreclose on the debt. Any items left in the home after the foreclosure would be thrown away.
  You should seek professional advice from an accountant or attorney if you are concerned about any possible legal or tax ramifications there might be to mom's estate.
  Reply to ARLO
Wendy N.
November 4th, 2019

My mother past 2 years ago and an atty sent me certified mail for me to pay this loan 2 years after her death they identified me and made contact with me 2 plus years later I'm my mother's only child I had legal stake in this property they should have given me a series of options- no- I would of liked to move into my mom's house and acquire the mortgage balance I live on the west coast and my mom in Jersey I couldn't make the funeral due to my vehicle broke down and my children divided everything among themselves leaving me not even a photo the house then was broken into and ransacked with her furniture my memories etc. There were still assets in the home the house is in foreclosure now what are my rights now being it was mandatory for them to identify and make contact with me soon after she died and did not now I have an atty rudely demanding payment in full they did not follow the law I was unaware of my legal right to the home and having options to move in to the home and repay it I feel I've been wronged by them do I have a case please help!
Reply to Wendy
- ARLO™
  November 4th, 2019
  
  Hello Wendy,
  
  I am afraid I cannot tell you what "legal rights" you have under New Jersey laws. I can answer any questions you have about the reverse mortgage and your rights as the heir regarding the loan, but I cannot give you legal advice. I am surprised though that you have waited for 2 years and until the lender contacted you to inquire about the property if you are the rightful and only heir?
  The lender often has no idea who the heir with claim to the title will be. Lenders cannot make the determination as to whom they will work when the owner of a property passes and usually must wait until the new owner contacts them with the legal paperwork to solidify their claim to title. This may be from a probate action, a trust certification or other means, but the lender is not the one to determine the heirship to the home.
  That is up to the heirs to establish and to communicate to the lienholder (the lender). In all honesty, if you have never taken any steps to notify the lender of your ownership of the home or taken the steps to transfer the title, I am surprised you were contacted at all and the property didn't just go through foreclosure without you ever being notified. That may be an additional requirement in New Jersey, I cannot say.
  
  My suggestion to you at this time would be to contact an attorney who specializes in foreclosures in New Jersey to determine what rights you have at this time. You will probably need to have the foreclosure delayed in order to have enough time to complete a change of title and he/she will know if this is possible and if so, what steps would have to be taken to complete the stay of foreclosure. You also need to know that the loan is due and payable currently.
  Even if you can get the foreclosure delayed, you need to be able to pay the loan off right away or it will continue again very soon. You can do this with money available to you or with another loan. If you do not have the funds available to pay off the loan and do not believe you can qualify for another loan to refinance the existing loan, getting a delay in the foreclosure would not be of any benefit unless you believe the home is worth more than the amount owed and you can sell it quickly enough to make the delay profitable on a sale.
  
  I suggest that you not delay. It sounds like your children have already been through the home and taken anything of value (and what they didn't take, thieves may have) but if the home does go through a foreclosure action, the home will be emptied and the contents disposed of pursuant to New Jersey laws so you would have no chance to retain anything of your mom's.
  These are all things you can discuss with your attorney since he/she will need to know what your intentions are so that he/she can adequately advise you on all matters.
  Reply to ARLO
Bryan M.
September 18th, 2019

My stepmother told my dad they didn't have enough money to make payments and that they would have to mover or do a RM. My dad signed the RM and died 8 days later. My stepmother became the Life Estate Tenant and I became the remainder-man over half the property. My stepmother continued to borrow money over the next 10 years without my knowledge or consent. Now her children are saying that I am responsible to pay half of the RM. This substantially reduces the inheritance my father left to me. How is it that I can be held liable for loans made after my dad's death? Shouldn't her estate be responsible for the RM? Didn't my dad's liability to the RM end with his death?
Reply to Bryan
- ARLO™
  September 18th, 2019
  
  Hello Bryan,
  
  Unfortunately, this is a question for an attorney and not a reverse mortgage company. I can answer questions for you about the loan, but I cannot answer heirship questions or legal questions.
  I don't know what legal steps your father and stepmother took nor what provisions were made or the laws of the state in which the property is located that would pertain to her rights as the co-borrower/spouse or yours as your father's heir. It may also come down to ownership of the property before marriage, I do not know.
  You really should speak to a qualified estate attorney to determine your rights in this situation.
  Reply to ARLO
Benancio Alvarez
September 9th, 2019

My brother died and had a RM on his property. The house went under foreclosure and was sold. Now I am getting lots of calls from different agencies offering to collect an excess money that came out of the sale of the house. Can we recuperate the money by ourselves without using any of the agencies calling? How do we do that?
Reply to Benancio
- ARLO™
  September 15th, 2019
  
  Hello Benancio,
  
  From your description, I am assuming that your brother's home was purchased by someone who bid against the lender at the foreclosure auction and became the highest bidder at the auction. Is that correct?
  I make this assumption because the lender or lienholder only bids what is owed to them and that is the opening bid. If no one bids higher, the lender or lienholder in a Trustee's Sale then wins the auction and becomes the owner of the property.
  However, if someone or others bid higher than the lienholder, the lender or lienholder will not increase their bid and the new owner will be the party who is the highest bidder and the lienholder will be paid in full of the proceeds of the sale. Any amount paid above and beyond what is owed to the lienholder belongs to the owner of the property.
  Since your brother has passed, if he had no other heirs, you may be entitled to the remaining funds. I am sorry, I do not know the exact process for others to reclaim any remaining funds. My only advice would be to contact an attorney who handles such matters but the ones contacting you may also be attorneys specializing in just this sort of matter.
  Also, are they offering their services to you at a percentage of the amount recovered or at a flat fee? The reason I ask is because unless there are multiple bidders to drive the price up, the sale would stop with the first bidder who bid higher than the lender who had foreclosed and there may not be much money available. If you do not want to check with an attorney, perhaps a title company can help you?
  They may be able to check public records anyway and see what the amount of the foreclosure was that was filed and then also the tax stamps to see what the file sale price was to see what kind of money you are talking about anyway and they may be able to tell you how to contact the state to claim the funds.
  Reply to ARLO
deb papadopoulos
July 11th, 2019

RE: Reverse Mortgage & Probate
Which part of the home, the assessed value or the balance due to reverse mortgage company is considered an asset, if any? Is payment due considered a debt?
Reply to deb
- ARLO™
  July 12th, 2019
  
  Good Morning,
  
  I don't know if I fully understand where you are headed with this but let me see if I can explain, in on-accounting terms because we are not accountants, how lenders look at borrowers' assets and obligations. Your home is your asset. The value of the home, not the assessed value but the market value, is the value of the asset. Your assessed value may be much lower than the actual value especially if you are in an area that limits tax increases and the home could sell for much more than the tax assessed value. In some instances when property values were declining, assessed values were above market values but we have not seen that much for several years now.
  
  The balance owed on any liens or loans are considered obligations or debts. Lenders are not usually concerned with the Net Value of the borrower which is something an accountant might be more interested in when determining an individual's net worth. Since the reverse mortgage requires all other liens and loans to be paid off at the time the loan is closed, there will be no other loans on the property and the reverse mortgage calculator will determine the amount of the loan available. Therefore, the maximum amount the borrower can borrow as a percentage of the home's value is determined by the calculator and it takes into consideration other factors such as borrower ages, interest rates and HUD lending limits as well.
  
  The other type of "debt" lenders does review is something that reverse mortgage lenders refer to as monthly obligations. They look at what you are required to pay for any loan payments, credit cards, court ordered payments, etc. and to that they add your property charges. The property charges are the taxes, insurance, any HOA fees if applicable and any other assessments you are required to pay on the house. HUD also currently uses a .14Â¢ per square foot cost for total utilities (they may switch to actual utility cost at some point but have not as of this time). After all the charges are added, the total is subtracted from your income and you must meet their residual income guidelines. The residual income required changes based on location and family size. Borrowers should note, there are other ways to offset debts or dissipate assets in order to qualify so borrowers should not be afraid to check with a lender about their circumstances if they feel they may not meet the minimum residual income.
  Reply to ARLO
Randolph R.
June 5th, 2019

My mom has a reverse mortgage. When she passes, do I as an heir, sell the property, pay off the loan, and keep the remaining monies, or does the lender sell the property and give me what's left over?
Reply to Randolph
- ARLO™
  June 5th, 2019
  
  Hello Randolph,
  
  Your mom decides who does what with the property in her will or trust and you all proceed accordingly. The lender has a loan on the property, they don't own it.
  Therefore, hopefully mom has directions by way of a will or trust that will determine which heir will act as her executor and what the disposition of the property will be. The loan will be due and payable at that time so whatever the heirs decide to do with the property (keep it or sell it), they will have to keep in mind that the loan will be due and plan accordingly.
  
  This means that if you are the one tasked with the final disposition of the property, you could choose to sell the home or keep it. If you sell the home, all equity in the property belongs to the estate and you should probably speak to an estate attorney to determine the best way to divide the proceeds.
  I may be incorrectly presuming that there are other heirs, I just saw that you used the term "an heir" and not "the heir" so if I am wrong, even if you are the sole heir, I don't think it's a bad idea to discuss options with a professional. Either way though, you will need to pass the title from mom to you so that you can sell it and that could also include a probate.
  
  If mom is fully competent now and the property is not in a trust, you may want to visit with an estate attorney now to determine if this is a good way for you to proceed, before mom can no longer sign legal documents.
  I cannot give you legal advice, but I can advise you to seek out the assistance of a good estate attorney who can before the time comes because I know from first-hand experience and from speaking to many families that it is much easier to do things while mom is still alive and able to communicate her wishes than waiting until later when people are grieving and then it takes legal proceedings to accomplish title changes, etc. and you are then working against a ticking clock as that loan is due.
  Knowing the plans also takes out any possible family disagreements, especially caused when parents pass without leaving written instructions and no clear path to achieve the plan.
  Reply to ARLO
Denise V.
May 29th, 2019

My mother and father took out a RM several years ago. My mother passed 3 yrs. ago and my dad just passed away in May. I am an only child and I'm not sure all the documents that I will need to send other than death certificates and intent to buy from the bank my son is going to use to buy the house. As far as I know I'm only listed as a contact person on this loan. Can you advise on what other documentation I will need?
Reply to Denise
- ARLO™
  May 29th, 2019
  
  Hello Denise,
  
  You need to get your title in order. I would suggest that the first thing you do is contact an estate attorney to determine what steps you must take to become the lawful owner of the property. I don't know if you are the heir by will, if the property was in a trust or what the probate requirements will be in your area, but an attorney can guide you through all of that. Once the property title has passed from the estate to you, you can then do whatever you want with it.
  
  Your son does not "buy" the property from the bank and the bank cannot sell it to him at this point. Mom and dad or the estate, anyway, still own it and the bank only has a loan against the property for collateral. The title needs to pass to you as the heirs based on what mom and dad directed or through a court order if you are the only heirs and your parents' wishes were not written in advance.
  If there are other possible heirs, this may take a while. Once you own the property, you can take the steps needed to secure a new loan to pay off the reverse mortgage, whether than is in your name, your son's name, both your names or whatever (unless of course you have the funds available without having to use a loan). Any steps needed for a new loan will depend on who is going to live there, what the new lender requires, etc. but will have nothing to do with the reverse mortgage.
  
  The reverse mortgage lender cannot even work with you on the loan yet as you are not a party to the transaction, and they do not have legal authority to do so unless your parents already gave them written authorization which is doubtful. You may have been listed as an alternate contact, but all that did was allow the lender to contact you if they could not reach the borrowers.
  It does not allow the lender to negotiate the payoff of the loan with this contact individual because they have no way of knowing if you are also the heir and they will not get into the middle of any possible disputes. That would be for the court system to decide. That's why it is so important for you to clear the title as soon as possible. If mom and dad had a trust or will, that will probably be much quicker but again, you need an attorney to help you get through that as quickly as possible.
  
  The steps you will take once the title is clear would be to determine how you are going to pay off the loan. It sounds like you have already decided not to sell the property, so you need to know the property value at this time. As the heir, you can pay off the loan for the lower of the amount owed, or 95% of the current market value. Look at the most recent statements your dad had from the lender and compare the outstanding balance to the property values in the area.
  That will give you an idea of what you will have to repay. Then you will know what kind of loan your son or you and your son will have to get in order to repay the existing reverse mortgage if you must apply for financing. I do not know what lenders would say about actually applying for a loan before you have clear title, but it would not hurt to talk to some, let them know what you are doing and at least get an idea of the qualifications needed.
  That way you can have everything ready to go for the time that the title is transferred to your name because at that time, you can move forward with the new loan to repay the reverse mortgage and if you wait until then just to get started, you will have wasted time that you may need to close the new loan.
  Reply to ARLO
Shannon G.
May 23rd, 2019

Hello. I have a question about my mother's reverse mortgage. My mother had a reverse mortgage done on her home about 20 years ago. She has since died., June 3, 2018. Myself and my family have been living at the home. We sold the house 2 months ago and have yet to have a closing. What will happen if the closing doesn't happen until after the 3rd of June 2019. We only have until then to move and turn it over to the reverse mortgage company. Please help, we have a daughter that has cerebral palsy and a son with whom has autism. We real need the small amount that will come with the sale to get a suitable place to move to.
Reply to Shannon
- ARLO™
  May 23rd, 2019
  
  Hello Shannon,
  
  It's very difficult for me to advise you based on the limited information you have supplied. The reverse mortgage company can only deal with verified heirs though so I can only ask what steps you took to sell the home? Was there a will? Was the property in a trust? Did it have to go through probate?
  Like the lenders for all loans, the reverse mortgage company cannot supply information to any third party without the proper authorization and if your mom did not provide that authorization to the company while she was still living, then you must be sure to follow the proper legal steps to sell the home. The reverse mortgage lender will not make the determination as to who can and cannot act on behalf of the estate, there are legal steps for this, and you must follow those steps.
  
  I do not know what you have done or what your state requires, but I would suggest you contact an attorney if you have not already done so and you have not taken the legal steps to clear the title. The problem you may have is that the title company and the lender cannot act to allow the closing without the legal cover to know you have the right to sell the property in the first place.
  That may take a court action to complete. Without knowing if there are other heirs that could have a claim, if there are other creditors, etc., the lender and the settlement provider will not proceed with a closing. An estate attorney in your area will know exactly what you need to do to proceed with the transaction.
  Reply to ARLO
Jason
May 11th, 2019

I moved in with and care for my 102 year old grandmother after her live-in daughter passed away. There is currently a reverse mortgage (line of credit) on her home. My intention is to pay off the loan and purchase the house, but I dont want to wait until she passes to get this done. I've heard some reverse mortgage lenders start selling the home immediately upon notification of the borrowers death. Can my grandmother sell the house to me now so I can get a VA home loan to cover the balance due on the reverse mortgage? The payoff is about $38K, but the house is appraised at about $112K. Thanks for any information.
Reply to Jason
- ARLO™
  May 14th, 2019
  
  Hello Jason,
  Your Grandmother owns the home and can sell to whomever she pleases. If she wants to sell the home to you now, she can certainly do so and there is no prepayment penalty ever on a reverse mortgage.
  Reply to ARLO
Jami
April 24th, 2019

I am selling a property that has a reverse mortgage on it and the owner passed almost a year ago next month. However, when I asked my seller if they had informed the note holder of the owners passing he said that he did not want to disclose that information. He is the executor of the trust. I have had several offers on the property and he has declined them all. Now he is talking about remodeling the home which can be several more months. Should I be concerned about anything?
Reply to Jami
- ARLO™
  April 24th, 2019
  
  Hello Jami,
  The seller is playing a dangerous game. He's hiding the fact that the owner has passed and may be falsifying occupancy certifications to the lender (they go out annually and it's hard to say for sure, but chances are that one has gone out since the owner passed unless the timing was such that it went out just before the owner passed and it hasn't been a year yet).
  If he has not been truthful and the lender discovers this, they will be much less likely to delay before initiating foreclosure proceedings. Furthermore, if he collected additional draws on the loan after the borrower passed by supplying the lender false information, the lender could choose to act on that.
  If the heir simply has not said anything and has not sent any untrue information to the lender, chances are if the lender discovers the passing of the borrower they will just call the loan and the heir might just have a little more incentive to close the sale with no real consequences. But he is accruing interest on the loan this entire time even if he hasn't done anything to take additional funds. Have you seen a monthly statement? You may want to be sure there is enough equity in the home.
  Reply to ARLO
Kim
April 16th, 2019

My friends father passed away over a year ago. She keeps trying to get in touch with Novad and they will not return her calls. She had an attorney and he had no luck either. She has thought about renting the house to keep squatters away. What risks are there? She is keeping the power on and the taxes paid.
Reply to Kim
- ARLO™
  April 18th, 2019
  
  Hello Kim,
  The loan is already due and payable. Has your friend done anything to make sure the title to the home is in her name? If so, then she needs to do whatever she can to pay the loan off before they start a foreclosure action. Her attorney can work with a title company to request a Beneficiary's Demand for Payoff but if your friend does not have sufficient funds at her disposal now and cannot get a new loan because she is not on title to the property, then she would not be able to repay the debt and ultimately that is what she will need to do in order to keep the home -rented or not. But make no mistakes, the lender will begin foreclosure soon and if it looks like the heirs are not doing anything to repay the obligation (are not listing the home for sale or in the midst of a refinance) and have rented the home instead, I believe that would hasten their actions.
  Reply to ARLO
Anne Parker
March 11th, 2019

My Mom had a Reverse Mortgage serviced by Novad. She passed away 2 months ago (12-28-2018). We notified Novad and they received our package on January 31, 2019, with all requested documents and the written statement that we wanted to do a Deed-in-Lieu transaction. Since then I have tried twice a week to talk to anyone who can tell me what is going on with the process, but, though I'm always told a Loan Specialist will call me within 48 hours, I have NEVER received a call back. The house is empty, vacant and ready to transfer but I am very concerned about vandals and the liability posed by the pool and spa in the backyard while Novad refuses to speak to me or move the process forward in a timely and safe fashion. Several of your articles mention the Deed-in-Lieu process as an easy and practical way for heirs to satisfy the Reverse Mortgage when there is no equity in the home. What is the usual timeframe to complete this transaction? Would Novad hurry up if I retain an attorney? The house is in a Trust and I am the Trustee (they have all this documentation). I worry that they will drain the Estate of funds if they drag this on, or worse, the house could be compromised by being vacant. My Mom was not a wealthy woman which is why she had the Reverse Mortgage to begin with! Homeowners Insurance on a vacant property with a pool is very expensive, as well as all the other maintenance services, taxes and utilities required each month. How long does this quite simple transaction usually take?
Reply to Anne
- ARLO™
  March 11th, 2019
  
  Hello Anne,
  
  I am not sure which articles you are referencing, but I don't think we have ever stated or implied that the process would happen extremely quickly. There are several things that the lender must do before they can accept your property by way of a Deed in Lieu of foreclosure. I don't know when you first contacted them, but if mom passed away 2 months ago, they typically don't talk to the family for 30 days or more after that so I can't see this having been a terribly long time at this point.
  
  The lender must contact an appraiser and have an appraisal conducted on the property. I know you have indicated that you are willing to sign the Deed in Lieu, but they must know the value as well as make sure the that home is at a minimum "broom clean" with no more personal belongings in the home. They must also have a title company perform the title work to be sure there are no other liens on the property.
  If the lender accepts a home that is full of a borrower's personal property or has other liens on the home, they incur liability with those issues. If they must go through a full foreclosure, they are protected by law under the foreclosure laws and can complete the foreclosure, have any personal effects removed and it would be up to any other lienholders to either protect their interest or subordinate liens would be removed with the foreclosure.
  The lender/servicer does not even know if they have any of these issues usually in the first 30 -60 days and it takes a while to get the title, appraisal and all other items required together. When you compare a Deed in Lieu of Foreclosure time frame to a foreclosure though, the lender must do the same appraisals, title searches, etc. but does not have the additional 150 -180 days that a foreclosure would take so the timeframe is usually much quicker.
  
  I can't tell you exactly how long it will take because the timing is different in different areas and depending on different circumstances. If the property is completely empty and if it is broom clean with no other liens, the lender can still only move as quickly as the service providers for appraisal, title and other services need for their end of the transaction.
  If everything comes together without delay, it should not be a protracted process. If things pop up on title or if there are no appraisers available, etc, the timeframes will be delayed and that delay will depend on when everything can be obtained, if at all. In some cases, a Deed in Lieu of Foreclosure can never be accepted because of secondary liens that have been placed on the home subsequent to the reverse mortgage.
  
  About the servicer not getting back to you, that I cannot understand. Novad is HUD's servicer. Once you supplied the necessary documents to them to show that you have full authority to speak on behalf of the borrower, they certainly should be working with you as if you were the borrower yourself.
  Have they asked for any additional information or indicated in any way that the documents you sent to them are insufficient? I don't know if Novad would be any quicker if you retain an attorney, but an attorney may be better at determining their needs and supplying them with missing information, but that is entirely up to you. If Novad has everything, there should not be any delays above and beyond the time needed to get everything they need to accept the Deed in Lieu. I wish I could be of more assistance with why they are not communicating but I really have no idea at this point what is preventing that communication.
  Reply to ARLO
Jennifer Jenkins
March 3rd, 2019

Great information, my parents had a reverse mortgage, started at $216.240.00
at least 15 years ago, loan balance now is 368.928.61...my father passed away 2 years ago, my mother is being taken care of by my brother 24/7, she is 94.. doing fairly well....we are not on the loan, so is our only option to get a new loan?
Reply to Jennifer
- ARLO™
  March 4th, 2019
  
  If you are referring to when she passes and you want to keep the home, the answer would be yes if you don't have the cash to pay the loan off outright.
  If she lives in the home there is no payment due but once she no longer lives there, the loan will become due and payable. If you plan to keep the home, if you all have the resources to pitch in an pay the loan off, you can do it that way or it would take a new loan to repay the debt.
  Let me commend you. You are very wise to be looking at it now even if mom is doing well. Too often heirs wait until after their parents, etc. have passed and then time is short if financing is not readily available for one reason or another. Things can get messy if there is any dissention in the family as to what the final plans will be (which we see often when there is one family member already living in the home). It pays to have a plan with agreement by all parties.
  Reply to ARLO
Jeannettea K.
November 12th, 2018

My mother passed two months ago. I was added to speak when she was alive. I was her caregiver and on SSDI in which she required care 24 hours a day. Before signing for the Reverse Mortgage she specifically asked what happens to me and because I am 65 they said it would pass on to me. But I received a letter asking my intentions. What really happens next? After her death I paid out of pocket over $1200 to catch up her taxes and currently this is home for me.
Reply to Jeannettea
- ARLO™
  November 12th, 2018
  
  Hello Jeannettea,
  
  The loan never just passes on to someone else after the borrower permanently leaves the property, whether because of death or because they move to an assisted living facility. When you were added as a person eligible to speak on behalf of your mom about the loan, that just means that you have authorization the lender needs to discuss the loan with someone other than the borrower.
  Because of financial privacy laws, reverse mortgage lenders cannot divulge personal information or discuss a loan with a third party, even a son or daughter, without consent of the borrower or a court order. You have that consent but that does not help you about the loan now.
  
  The loan is now due and payable with mom no longer living in the property. Under the terms of the reverse mortgage, as the heir. You can sell the home, refinance the loan with a new loan in your name or pay off the loan with other funds available to you. If the amount owed on the reverse mortgage is more than the current value of the home, you can pay off the balance for 95% of the current value instead of the full amount owed. If you do not wish to refinance or sell the home, you also have the right to walk away from the property and owe nothing, regardless of how much is owed and what the value is.
  
  My suggestion is to first decide what you want to do and what you can do. If you want to keep the home but don't feel as though you could get a new loan to refinance the balance of the reverse mortgage, you need to find out how much equity is in the home (if any) and take steps to protect that equity. Contact a real estate professional in your area and determine the most probable selling price of the property.
  Compare that to your mom's most recent statement to determine whether there is equity in the home. You need to make sure the property title is in your name if you intend to sell it. If you are not on title, you cannot sell the home or get a new loan on it so as soon as you determine that there is enough equity to get a new loan or to sell, you need to work quickly to obtain title to the property.
  If you are getting a new loan, then you would show the lender that you have taken those steps and they should be willing to work with you to complete your financing. If you are selling the home, again, once they see that you have taken the steps to clear the title and have listed the home for sale, they will work with you to allow you to complete the sale and can give you extensions as necessary.
  
  The one thing you don't want to do is just wait until they decide you are not making any efforts to repay the obligation and place the property into foreclosure. The more proactive you are, the better your chances of retaining some equity in the home.
  Reply to ARLO

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